Financial Performance - For the fiscal year 2020, the company's revenue was approximately RMB 115.8 million, a decrease of 30.3% from RMB 166.0 million in 2019[8]. - The company's loss before tax for 2020 was approximately RMB 78.2 million, compared to a loss of RMB 256.4 million in 2019[8]. - Total revenue for the fiscal year 2020 was approximately RMB 115.8 million, a decrease of 30.3% from RMB 166.0 million in 2019[21]. - Gross profit fell to approximately RMB 8.6 million in 2020, down 70.7% from RMB 29.5 million in 2019, resulting in a gross margin of 7.5%[24]. - The company recorded a pre-tax loss of approximately RMB 78.2 million in 2020, an improvement from a loss of RMB 256.4 million in 2019[35]. Revenue Sources - Sales to distributors accounted for approximately 88.3% of total revenue in 2020, amounting to RMB 102.2 million, compared to 64.7% in 2019[14]. - Revenue from self-operated stores dropped to RMB 13.6 million in 2020, representing 11.7% of total revenue, down from 35.3% in 2019[14]. - The apparel segment generated sales of approximately RMB 115.2 million in 2020, accounting for 99.5% of total revenue, down from 98.4% in 2019[15]. - The footwear and accessories segment saw a significant decline in sales, dropping from RMB 2.6 million in 2019 to RMB 0.6 million in 2020, a decrease of 78.7%[15]. Cost Management - Cost of sales decreased by approximately RMB 29.4 million or 21.5% to about RMB 107.2 million in 2020, aligning with the revenue decline[23]. - Selling and distribution expenses decreased by 75.3% to approximately RMB 34.0 million, representing 29.4% of revenue in 2020 compared to 83.1% in 2019[31]. - Administrative and other operating expenses were approximately RMB 30.5 million in 2020, a reduction of 10.3% from RMB 34.0 million in 2019[32]. Cash Flow and Liquidity - Cash and cash equivalents totaled approximately RMB 39.2 million as of December 31, 2020, an increase from RMB 32.1 million in 2019, representing over 29.4% of total current assets[36]. - The total cash and cash equivalents increased to RMB 39,169,000 as of December 31, 2020, compared to RMB 32,102,000 in 2019, marking an increase of 22.0%[44]. - The net cash generated from operating activities was RMB 673,000, a significant decrease from RMB 13,956,000 in 2019, representing a decline of approximately 95.2%[44]. Employee Management - The total employee costs for the fiscal year 2020 were approximately RMB 26.1 million, down from RMB 37.6 million in 2019, reflecting a decrease of about 30.0%[55]. - The company employed around 330 full-time employees as of December 31, 2020, indicating a stable workforce size[55]. - The employee turnover rate for the 2020 reporting period was 9.52%, with 66 employees voluntarily leaving for career development reasons[108]. - The company provides statutory benefits to all eligible employees, including mandatory provident funds and social insurance[113]. Environmental Responsibility - The company generated 1,200.01 tons of indirect CO2 emissions during the 2020 reporting period, a reduction of 625.82 tons or 34.28% compared to the previous year[71]. - The company aims to reduce CO2 emissions by an additional 5% in the coming year[72]. - The company has implemented a "green environmental policy" to minimize pollution and resource consumption[66]. - The company has maintained a vigilant approach to water conservation, with no complaints regarding water consumption or wastewater discharge[73]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, maintaining a balance of power and authority[149]. - The company has adopted the corporate governance code and complied with its provisions, with the exception of the separation of roles between the chairman and CEO[149]. - The board is responsible for setting overall goals and strategies, monitoring operational and financial performance, and reviewing corporate governance practices[154]. - The company has engaged an external auditor, Guo Wei Accounting Firm, with audit fees for the year ending December 31, 2020, amounting to RMB 1.2 million, consistent with the previous year[184]. Risk Management - The board is responsible for maintaining effective risk management and internal control systems to protect shareholder investments and company assets[183]. - The company believes it has sufficient resources to continue operating for the foreseeable future without any significant uncertainties affecting its business[182]. - The board is committed to reviewing the effectiveness of risk management and internal control systems at least annually[183]. Stakeholder Engagement - The company emphasizes the importance of communication with shareholders and provides comprehensive operational and financial performance data through annual and interim reports[193]. - Shareholders have the right to attend general meetings and directly communicate with the board, with notices sent at least 20 business days prior to meetings[187]. - The company encourages shareholders to submit inquiries and suggestions directly to the board during general meetings[188].
米格国际控股(01247) - 2020 - 年度财报